Goldman Sachs and derivatives lobby group ISDA
Nominated for aggressive lobbying to defend their financial weapons of mass destruction.
When the 2008 financial crisis hit, derivatives, a little-known financial instrument, were identified as having played a key role. They also played a part in the 2008 food crisis and the 2010 euro crisis. As a result, there were calls for tighter regulation. But ISDA, the association of derivatives traders, and its notable member Goldman Sachs, have aggressively lobbied to make sure this hasn’t taken place.
Hedge fund and private equity lobby groups AIMA and EVCA
Nominated for deceptive lobbying to block regulation of damaging speculation in the financial sector
The financial crisis focused attention on the activities of ‘alternative investment’ firms such as hedge funds, which specialise in speculative investments, and private equity firms. Following calls for stricter regulation, the investment industry launched a deceptive lobby campaign claiming tougher regulation would make Europe less competitive. As a result the new rules in the pipeline lack real teeth.
Royal Bank of Scotland
Nominated for secretly lobbying in Brussels and for exploiting insider contacts by headhunting former EU Commissioner Günter Verheugen as an advisor.
Despite its size and power, the UK state-owned Royal Bank of Scotland Group keeps a low profile in Brussels. It does not declare its lobbying activities in the European Commission’s lobby register, yet behind closed doors, it is an active player and earlier this year moved to boost its influence, hiring former European industry commissioner Günter Verheugen as an advisor.
ArcelorMittal
Steel industry fat cat, nominated for lobbying on CO2 cuts under the Emissions Trading Scheme (ETS) raking in windfall profits under the EU ETS at the same time
ArcelorMittal successfully lobbied the European Commission to avoid paying for permits under the Emissions Trading Scheme (ETS). The steel giant claimed that this would push the steel industry out of Europe, causing massive job losses. At the same time, ArcelorMittal is sitting on potentially huge profits because it can sell its extra permits, having received far more than it required.
BusinessEurope
Nominated for its aggressive lobbying to block effective climate action in the EU while claiming to support action to protect the climate.
Business lobby group BusinessEurope claims to support the need to stop man-made climate change yet has effectively undermined EU plans to cut CO2 emissions. Claiming to represent the interest of the European business community to the European institutions, it has lobbied in the interest of the most energy-intensive industries, such as oil, steel and chemicals, blocking effective climate policies at the EU level.
RWE (npower)
Nominated for claiming to be green while lobbying to keep its dirty coal-and oil-fired power plants open.
Energy company RWEnpower, the subsidiary of German energy giant RWE, likes to portray itself as green. RWE runs big budget advertising campaigns in Europe highlighting small model projects with green credentials. It claims to be leader with its slogan “RWE - the energy to lead”. But, in truth, RWE keeps pushing to keep its dirty coal and oil plants open.